Fulton, Maryland Property Taxes
The median property tax rate in Fulton, Maryland is 0.94%, slightly lower than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Fulton, the typical annual property tax bill reaches $7,722, far exceeding the national median of $2,690. Property taxes in Fulton are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fulton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Fulton or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fulton, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$7,447
Ownwell’s Fulton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fulton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fulton to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Fulton, Maryland
Property taxes in Fulton, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fulton is 0.94%, which is below the U.S. national median of 0.99%. Local government entities within Fulton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fulton estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Fulton's effective property tax rate to other counties in Maryland and the national median. For comparison, the zip code 20759 has the highest median property tax rate of 0.94%, while the same zip code also has the lowest median tax rate of 0.94%. Understanding how these areas compare with Fulton provides valuable insights into the varying tax landscape across Howard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fulton Tax Rate
0.94%
Average Howard County Tax Rate
1.04%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fulton, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20759 | 0.85% | 0.89% | 0.94% | 0.98% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Fulton, Maryland
In Fulton, Maryland, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Howard County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Fulton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $7,722 in the 20759 zip code, while the lowest median tax bill is also $7,722 in the same zip code.
Average Fulton Assessed Value
$792,200
Average Howard County Assessed Value
$465,650
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fulton, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20759 | $451,760 | $631,250 | $792,200 | $1,127,975 | $1,300,000 |
Source: Ownwell
Property Tax Bills Across Fulton, Maryland
In Fulton, located in Howard County, MD, property tax bills are determined based on the assessed value of a home, which is distinct from its market value. The local tax rate is applied to this assessed value to calculate the annual tax bill. For homeowners in Fulton, the median home price is $792,200. The property tax rate in Howard County results in a median tax bill of $7,722, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the size and location of the property, any improvements made, and the overall real estate market conditions. For instance, the tax bill for the 25th percentile is $6,245, while it rises to $9,938 for the 75th percentile and can go up to $11,608 for the 90th percentile. These tax bills can have a substantial impact on homeowners, influencing their overall housing costs and financial planning.
Average Fulton Tax Bill
$7,722
Average Howard County Tax Bill
$4,834
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Fulton, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20759 | $5,208 | $6,245 | $7,722 | $9,938 | $11,608 |
Source: Ownwell